“Revenue growth in Distribution of 11.5 per cent was underpinned by growth in North America and Asia-Pacific.

“In IT Solutions, revenue growth was 22.1 per cent, driven by the continued migration of large carriers in Asia-Pacific, as well as upselling and contribution from new areas such as Airport IT and Payments.

Consolidated net financial debt stood at €1,612 million at December 31st, 2015, representing 1.09x the ratio of covenant net debt to the last twelve months’ covenant EBITDA.

In November Amadeus issued a €500 million bond – via a Euro Medium Term Note Programme (EMTN) – with a maturity of six years, an annual coupon of 1.625 per cent, and an issue price of 99.260 per cent of its nominal value.

The proceeds of the issue were used to partially finance the acquisition of Navitaire.

Fluctuations in foreign exchange rates compared to 2014 contributed a positive foreign exchange impact on the revenue and EBITDA of Amadeus during 2015; conversely, the same impact reduced the EBITDA margin.